A state compliance officer handling a Georgia company policy update needs the compliant answer for licensing and NMLS authority. What should the reviewer choose?
Correct Answer
A) The Georgia Residential Mortgage Act is O.C.G.A. Sections 7-1-1000 through 7-1-1021, and Georgia DBF licenses mortgage brokers and mortgage lenders under the GRMA.
The Georgia Residential Mortgage Act is O.C.G.A. Sections 7-1-1000 through 7-1-1021, and Georgia DBF licenses mortgage brokers and mortgage lenders under the GRMA.
Why This Is the Correct Answer
The Georgia Residential Mortgage Act is O.C.G.A. Sections 7-1-1000 through 7-1-1021, and Georgia DBF licenses mortgage brokers and mortgage lenders under the GRMA.
Why the Other Options Are Wrong
Option B: Use a verbal explanation instead of the required license status, disclosure, record, or filing.
Use a verbal explanation instead of the required license status, disclosure, record, or filing. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Use a record-retention audit exception instead of satisfying the rule before activity continues.
Use a record-retention audit exception instead of satisfying the rule before activity continues. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Close or renew first, then decide whether the record-retention audit needs a compliance correction.
Close or renew first, then decide whether the record-retention audit needs a compliance correction. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
GA -> ga-grma-broker-lender-company-branch-nmls-mcr
Exam Tip
GRMA company questions test broker versus lender scope, bank and credit union exemptions, NMLS filing, branch approval, application fees, MCR reporting, NMLS Consumer Access, unique identifiers, and state-specific NMLS notices.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Georgia DBF, GRMA, Georgia Fair Lending Act, or Rule 80-11 rules are being tested
- -Confusing company broker/lender licensing with individual MLO sponsorship and employment limits
- -Treating Georgia CE, temporary authority disclosure, books and records, branch approval, or high-cost protections as optional
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